Electronic Payment Systems
Indrajit Ray, Colorado State Univesity
Introduction
Requirements for Electronic Payment Systems
Need to Ensure Integrity for Payer, Payee, and Payment System
Privacy for Payer and Payee
Fair Exchange
Types of Electronic Payment Systems
Electronic Cash
Electronic Purse or Stored-Value Card
Electronic Wallets
Electronic Check
Automated Clearing House
Electronic Bill Presentment and Payment Systems
Credit Card-Based Systems
Debit Card-Based Systems
Electronic Fund Transfer Systems
Representative Technologies
Electronic Cash Systems
Stored-Value Card Systems
Electronic Check Systems
Electronic Bill Presentment and Payment Systems
Electronic Wallet Systems
Credit Card Payment Systems
Micropayment Systems
Conclusion and Further Reading
Glossary
Cross References
References
INTRODUCTION
Throughout the ages, from ancient times to the present day, money has played a very important role in the ordinary business of the life of different people. Money can be best defined as “anything that is widely used for making payment and accounting for debts and credits” (Davies, 2002). All sorts of things have been used as money at different times in the history of mankind including amber, beads, cowries, drums, eggs, feathers, gongs, hoes, ivory, jade, kettles, leather, mats, nails, oxen, pigs, quartz, rice, salt, thimbles, umiacs, vodka, wampum, yarns, and zap-pozats (decorated axes) (Davies, 2002). In recent times, we are witnessing the emergence of more intangible form of ...
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